Will a Loan Modification Stop Foreclosure of my Frederick Home?
If your Mortgage holder offers a loan modification program, it could be an excellent way to avoid foreclosure. There are, however, some stipulations. The homeowner must have the means to continue to pay the mortgage. This option is feasable only if the problem that caused you to fall short in the first place is corrected.
A loan modification is similar to a lower interest refinance where the lender lowers the interest rate on the loan, thus lowering the payment. You must qualify by sending in proof of income and expenses.
Some lenders are becoming more reasonable about alternatives to foreclosure, since the numbers are continuing to increase. Foreclosures rose by 14% in the second quarter this year. Bank of America will unveil their new loan modification program on Dec. 1. Indy-Mac has a loan modification program that many hope will serve as a model for many lenders.
The HUD website has useful information on loan modification. For tips on DIY loan modification.
If you or someone you know is having trouble making your mortgage payment, contact us, we may be able to help you avoid foreclosure.
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The Highland Group - Real Estate Teams
Chris & Karen Highland
Frederick County MD Real Estate Agents
Specializing in Frederick County Real Estate
301-831-9947
Real Estate Teams, LLC
isell4u2@msn.com
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